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Code · STATUTE-COMPILATIONS · safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by · Sec. 406

Sec. 406. CREDIT REPAIR ORGANIZATIONS CONTRACTS

283 words·~1 min read·/statute-compilations/comps-260/sec-406

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 406 CREDIT REPAIR ORGANIZATIONS CONTRACTS **[**[15 U.S.C. 1679d](/us/usc/t15/s1679d)**]** ###
(a)Written Contracts Required No services may be provided by any credit repair organization for any consumer— ####
(1)unless a written and dated contract (for the purchase of such services) which meets the requirements of subsection
(b)has been signed by the consumer; or ####
(2)before the end of the 3-business-day period beginning on the date the contract is signed. ###
(b)Terms and Conditions of Contract No contract referred to in subsection
(a)meets the requirements of this subsection unless such contract includes (in writing)— ####
(1)the terms and conditions of payment, including the total amount of all payments to be made by the consumer to the credit repair organization or to any other person; ####
(2)a full and detailed description of the services to be performed by the credit repair organization for the consumer, including— #####
(A)all guarantees of performance; and #####
(B)an estimate of— ######
(i)the date by which the performance of the services (to be performed by the credit repair organization or any other person) will be complete; or ######
(ii)the length of the period necessary to perform such services; ####
(3)the credit repair organization's name and principal business address; and ####
(4)a conspicuous statement in bold face type, in immediate proximity to the space reserved for the consumer's signature on the contract, which reads as follows: “You may cancel this contract without penalty or obligation at any time before midnight of the 3rd business day after the date on which you signed the contract. See the attached notice of cancellation form for an explanation of this right.”.
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Sec. 406
CREDIT REPAIR ORGANIZATIONS CONTRACTS
U.S.C.§ 1679d
Cites 1Cited by 0 across 0 sources
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